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Cyber Insurance (Individual)

 

                                                                Cyber Insurance (Individual)

Mobile Phones are the latest companions and a minute away from the phone is an impossible proposition for every person today.  This often involves hectic social media activity which invites risks from unknown quarters by ‘’Cyber experts’’ and unauthorized sites. Cyber Insurance for individuals is the new policy in the retail segment which cover such risks  with affordable  premiums

What is the cover?

Section I:

Unauthorized transaction: Insurer shall pay the Insured, up to the limit mentioned in the Policy Schedule, for Insured’s direct financial loss arising out of:

·         Theft of funds due to an Unauthorized Transaction, and first occurring during the Policy Period and reported to Bank / debit or credit card issuer/mobile or digital wallet, as the case may be, and Insurer, within 48 hours upon discovery (and in any case during the Policy Period) of such transaction.

·         As a consequence of Insured being a victim of a Cyber Incident or Hacking, provided that the Insured report to the issuing bank or the Mobile Wallet company within 48 hours after discovery of the Theft of Funds.

·         Theft of funds arising due to unauthorized access, malicious act or malware phishing, spoofing stand covered.

Section II:

Online purchase transactions: Insurer will reimburse Insured for his/her Direct and Pure Financial Loss due to transactions on the internet via payment card or Mobile Wallet that he/she has been dishonestly induced to enter by a Third Party by electronic means to make a purchase of goods or services which are not delivered or rendered; provided that:

Insured can show that he/she has made reasonable attempts to seek a

·         Recovery or refund from the Third Party and/or seller of the goods and services to indemnify him/her for his/her financial loss;

·         The fraud event is reported by insured to his/her card issuer or bank or other relevant entity within 48 hours of discovery by him/her;

·         Insured card issuer or bank or other relevant entity refuses in writing to reimburse his/her for transactions made by him/her as a result of the fraud.

Sum Insured & Premium: There are four options of sum insured (SI):

Option I - SI Rs. 15,000 - ₹ 375 +GST

Option II - SI Rs. 25,000 - ₹ 500 +GST

Option III - SI Rs. 50,000 - ₹ 750 +GST

Option IV - SI Rs. 1,00,000 - ₹ 1000 +GST

 

 

 

Smart phones need smart cover and the Cyber Insurance Individual is ideally suited to mitigate fraud

by expert hackers and fraudsters.

Zen Insurance offers assistance for specialized covers to suit individual needs.

 

Disclaimer:   

Zen Insurance is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products

 

 

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